Fund Overview
The CrossingBridge Nordic High Income Fund seeks high current income and capital appreciation consistent with the preservation of capital.
WHY INVEST IN THIS FUND
Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in income producing bonds that are issued, originated, or underwritten out of the Nordic Countries (as defined below). The Adviser considers the Nordic Countries to be Denmark, Finland, Iceland, Norway and Sweden. The Adviser will construct the Fund’s portfolio by investing in corporate bonds including, but not limited to, fixed or floating rate bonds, zero-coupon bonds and convertible bonds, and bonds issued by governments, government agencies or government instrumentalities of the Nordic Countries. The Adviser will actively hedge foreign currency exposure to mitigate currency risk. The Fund is focused on bottom-up investing opportunities, taking into consideration an issuer's business model, quantitative, and qualitative factors.
In what may seem like a nichey and esoteric market in which to invest, the Nordics are an established, diversified, and fast growing segment of the high yield market. Not only do we believe that the market has matured and grown to a size that would support launching a standalone strategy dedicated to the Nordics, the market continues to quickly grow as a public alternative to direct lending, where smaller and mid-sized issuers can syndicate out their debt rather than being tied to one or few direct lenders. Compared to the U.S. high yield bond and leverage loan market, we believe the Nordic high yield market offers a much more attractive value proposition, generally offering debt with better credit profiles (less leverage), wider spreads (more yield), and strong covenants - which have all but diminished here in the U.S. as too much money chases too few opportunities, resulting in lower yields and weakened bondholder protections.
| Inception Date | 9/30/2024 |
| Ticker | NRDCX |
| CUSIP | 89834G554 |
| Distribution Frequency | Monthly |
| Gross Expense Ratio | 1.06% |
| Net Expense Ratio | 0.95% |
| SEC Yield Subsidized (as of 2/28/2025) | 5.08% |
| SEC Yield Unsubsidized (as of 2/28/2025) | 4.44% |
| Primary Index | ICE BofA Global Floating Rate Index |
Fund Managers
DAVID K. SHERMAN
CIO
SPENCER ROLFE
Portfolio Manager
CHEN LING
Assistant Portfolio Manager
| Month-End as of February 28, 2025 | Annualized | ||||||||
| 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
| NRDCX | 0.69% | 2.19% | - | 1.34% | - | - | - | - | 3.22% |
| ICE BofA U.S. High Yield Index | 0.65% | 1.60% | - | 2.04% | - | - | - | - | 2.20% |
| ICE BofA Global Floating Rate High Yield Index | 1.07% | 2.36% | - | 1.61% | - | - | - | - | 3.58% |
| ICE BofA 3-7 Year U.S. Treasury Index | 1.69% | 1.42% | - | 2.30% | - | - | - | - | -0.13% |
| Quarter-End as of December 31, 2024 | Annualized | ||||||||
| 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
| NRDCX | 0.84% | 1.86% | - | - | - | - | - | - | 1.86% |
| ICE BofA U.S. High Yield Index | -0.43% | 0.16% | - | - | - | - | - | - | 0.16% |
| ICE BofA Global Floating Rate High Yield Index | 0.74% | 1.94% | - | - | - | - | - | - | 1.94% |
| ICE BofA 3-7 Year U.S. Treasury Index | -0.85% | -2.37% | - | - | - | - | - | - | 2.37% |
PERFORMANCE DISCLOSURES
Definitions: YTD denotes year to date total return.
The performance data quoted represents past performance. Past performance does not guarantee future results. All statistics are annualized except in the case of return performance where the length of performance history is less than 1 year.
The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For the Institutional Share Class, the gross expense ratio is 1.06% and the net expense ratio is 0.95%. For the Institutional Share Class, there is a 0.85% expense cap in place through September 30, 2026. The Gross and Net Expense Ratios are as of the prospectus dated January 28, 2025. Investment performance reflects contractual fee waivers in effect through September 30, 2026. In the absence of such fee waivers, total return would be reduced. The net expense ratio per the prospectus is the fee applicable to the investor. Current performance may be lower or higher than the performance quoted. All performance data is net of fees and includes the reinvestment of dividends and capital gains, but does not include the effects of taxes on any capital gains or distributions.
The ICE BofA U.S. High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market.
The ICE BofA Global Floating Rate Index tracks the performance of floating rate USD, CAD, GBP, and EUR denominated below investment grade corporate debt publicly issued in the major domestic or eurobond markets.
The ICE BofA 3-7 Year U.S. Treasury Index is a subset of ICE BofA U.S. Treasury Index including all securities with a remaining term to final maturity greater than or equal to 3 years and less than 7 years.